Cryptocurrencies
Bitcoin Extends Gains as Investors Await Recovery Fund Details
- Token rises toward $17,000 level in respite from FTX crisis
- Bitcoin futures below spot price suggest outlook still fragile
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Cryptocurrencies pushed higher on Tuesday as investors awaited more details about an industry recovery fund promised by Binance Holdings Ltd.’s Chief Executive Officer Changpeng ‘CZ’ Zhao.
Bitcoin, the largest token, climbed toward $17,000 with a gain of about 2%, while second-ranked Ether added a similar percentage as of 1:20 p.m. in Hong Kong. The moves provided some respite from a damaging selloff triggered by the descent into bankruptcy of Sam Bankman-Fried’s FTX exchange.